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FCA promises ‘prompt action’ as politically exposed persons review launches

Watchdog to look at whether due diligence is proportionate to the risk of money laundering

Farage affair sparks latest review into politicians' bank accounts
Farage affair sparks latest review into politicians' bank accounts Photo: Hollie Adams/Getty Images

The Financial Conduct Authority has promised to take "prompt action" against City firms failing to deal with political figures properly, as it kicks off a review into whether or not banks are playing by the rules.

The watchdog has begun its review of the politically exposed persons regime, a set of rules forcing firms to conduct extra checks on politicians to make sure they are not abusing their position for private gain, including through money laundering.

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